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Saturday, July 26, 2008

Letter to the Editor

During a Senate energy hearing last month, several witnesses from the oil and finance industries were asked how to get the price of oil down immediately. They all said, if there were anti speculation legislation passed, the price of oil would be reduced by 40% to 50% over night. Not one witness contradicted this conclusion. Monday July 21st, Sen. Reid introduced S.3268. On Friday the 25th Republicans voted against cloture, which killed a vote on the bill, because they were not allowed to add amendments to drill for more oil and build nuclear plants with radioactive waste to last millions of years. Drilling won't bring a drop of oil to the market for 7 and 14 years and won't reduce the price of gas one cent even then (because demand will keep increasing between now and then.) let alone today. Sens. Cochran,Wicker, and Vitter voted against proceeding to the vote on this legislation thereby stopping the Democrats from helping us with the high price of gas TODAY. Republicans claim it is a supply and demand problem. Unless demand for oil has increased 700% in the past 7 years this is not true because the price of oil has gone up 700% since 2001. that would be equivalent to the population of the earth doubling every two years or reduction of supply by half every 2 years if it were a supply and demand problem. Call your Senators this coming week at 1-800-828-0498 and tell them to pass this legislation immediately so that we can start paying less for gas this week. We will have to drill for the future, but it won't reduce the price of oil, it will just increase supply in 7 to 14 years.